Sintex Ind net down 27% at Rs 82 cr

Textiles and plastics firm Sintex Industries today said its consolidated net profit declined by 27.13% to Rs 82.20 crore for the quarter ended December 31, 2011, primarily due to depreciating rupee and slow down in its building products business.

The Ahmedabad-based company had a net profit of Rs 112.81 crore in the quarter ended December 31, 2010. During the quarter under review, the firm’s consolidated net sales stood at Rs 1,158.37 crore, a 2.15% decline from Rs 1,183.84 crore in the corresponding period last fiscal, the company said in a filing to the BSE.

“Its been a turbulent quarter as far as realigning of strategies is concerned. A depreciated rupee, slowdown in the domestic economy and delays on the government front, our building products business has been flat,” Sintex Industries Managing Director Amit Patel said.

On a standalone basis, the firm’s net profit declined by 12.61% at Rs 67.81 crore during the quarter from Rs 77.60 crore recorded in the corresponding period last fiscal.

The firm’s net sales stood at Rs 682.92 crore, up by 3.69% from Rs 658.57 crore posted in the quarter ended December 31, 2010.